Research On Dividend Policy Of TAFKOOK’s Highly Cash Dividends And Highly Sending Turn

In recent years,the capital market highly cash dividends,highly sending turn heating up year by year.A large number of listed companies frequently or ultra ability highly cash dividends,and even pay high dividends in the first year of listing,which is contrary to the practice of many internationally renowned companies such as Microsoft Corporation and Apple Inc.Highly sending turn has been improved under high pressure since 2016,but many cases of "stepping on the line" transmission have emerged.In addition,the medium-term distribution of highly cash dividends and highly sending turn has become very popular.Dividend policy is closely related to corporate strategic management,risk control and value realization,so it has always been paid attention to by listed companies and government regulatory authorities.In the critical period of China’s economic transformation,whether the listed companies have made great progress in operation or are affected by some other factors by the "heroic" distribution of dividends,which has triggered a discussion on the dividend policy of listed companies from all walks of life.Based on this background,this paper firstly reorganizes the framework of highly cash dividends and highly sending turn based on a large number of reliable literatures and signal-transmission theories,according to relevant policies and regulations.Then on the basis of the annual and medium-term of China’s listed companies in the past 18 years to send high show,send high data for statistical analysis and briefly current situation of governance;Again,according to the results of macro statistics,select the "typical" and "characteristic" of Tatfook’s as a case,analyzing the main problems and reasons existing in the company’s dividend policy.Through detailed argumentation,the following conclusions are drawn:(1)A large amount of over-raised funds not only provide strong support for Highly cash dividends,but also directly increase the base of highly sending turn;the pressure of debt repayment also has an important impact on the willingness to distribute,the choice of distribution forms;(2)If there are defects in the independence and due diligence of the board of directors and the board of supervisors in highly concentrated companies.Defects will lead to the failure of the company’s "separation of powers and checks and balances" mechanism and provide opportunities for controlling shareholders to infringe on the interests of small and medium-sized investors;(3)The policy directly affects the formulation of dividend policy,on the one hand,by influencing the whole capital market,indirectly force the company toestablish a higher image and enhance dividend payment.Level;(4)Imperfect financing environment and low degree of industry self-discipline may induce high cash dividend at the initial stage of listing;Finally,combined with the above conclusions and the problems found in the theoretical framework,the author tries to put forward effective governance countermeasures from three aspects: system construction and implementation,company operation and supervision,and stakeholder protection.